Bank interest rates have begun to rise as a result of the RBI’s repo rate increase. The interest rates on fixed deposits have now been raised by IndusInd Bank, following SBI, Axis, Canara, Yes, and Indian Overseas Bank (FD). You can currently earn up to 6.75% interest on FDs with IndusInd Bank.
How much interest will you earn right away?
| Duration | Rate of interest |
| 7-30 days | 3.50% |
| 31-60 days | 4.00% |
| 61-90 days | 4.25% |
| 91-120 days | 4.50% |
| 121-180 days | 4.75% |
| 181-210 days | 5.00% |
| 211-269 days | 5.25% |
| 269-364 days | 5.50% |
| 1 year to 1 year Less than 6 months | 6.25% |
| 1 year 6 months to less than 61 months | 6.75% |
| 61 months or more | 6.25% |
Now we need to do it correctly.
Many banks, including SBI and Axis, boosted the interest on FDs even before IndusInd Bank. In this case, we are letting you know which banks will provide you with the highest rates of interest on FDs.
Where can I find interest in a 2-year FD?
| Bank | Interest Rate (in %) |
| Yes Bank | 6.75% |
| Indian Overseas Bank | 5.45% |
| IndusInd bank | 6.75% |
| SBI | 5.35% |
| Axis | 5.70% |
| Canara | 5.60% |
Where is the interest on the 3-year FD available?
| Bank | Interest Rate (in %) |
| Yes Bank | 6.75% |
| Indian Overseas Bank | 5.60% |
| IndusInd bank | 6.75% |
| SBI | 5.45% |
| Axis | 5.70% |
| Canara | 5.75% |
Where can I find interest in a 5-year FD?
| Bank | Interest Rate (in %) |
| Yes Bank | 6.75% |
| Indian Overseas Bank | 5.60% |
| indusind bank | 6.75% |
| SBI | 5.50% |
| Axis | 5.75% |
| Canara | 5.75% |
The investment is valid for five years. an advantage of tax exemption.
Under section 80C of the Income Tax Act of 1961, you can benefit from a tax exemption if you invest for 5 years in this time deposit program and FD. According to this, you are qualified for an income tax exemption of up to Rs. 1.50 lakh.
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